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Green Financing

Nova is one of the primary providers of energy audits for both Fannie Mae and Freddie Mac green financing options.

UPDATE: FHFA Green Lending Requirements for 2019

Fannie Mae Green Rewards

Fannie Mae Green Rewards is for property owners interested in investing in energy and water efficiency measures (EWEM) at their multifamily properties. A minimum of 30% savings in energy and water with a minimum of 15% energy savings must be identified. Fannie Mae offers better pricing and will underwrite up to 75% of projected owner-paid projected savings and 25% of tenant-paid projected savings.

Fannie Mae covers the cost of the ASHRAE Level II energy and water audit when the loan closes as a Green Rewards.

Nova is Pre-Qualified With Fannie Mae

Nova has achieved pre-qualification with Fannie Mae for completing High Performance Building Reports as part of the Green Rewards program.

Delegated lenders will no longer have to submit Nova’s HPB reports to Fannie for approval.  Lenders will review, score and approve the reports.

Freddie Mac Green Up

Freddie Mae Green Up is for property owners interested in investing in energy and water efficiency measures (EWEM) at their multifamily properties. A minimum of 30% savings in energy and water with a minimum of 15% energy savings must be identified. Freddie Mac offers better pricing and will underwrite up to 50% of projected owner-paid projected savings.

Freddie Mac reimburses up to $3,500 of the ASHRAE Level I energy and water audit when the loan closes as a Green Up.

Benchmarking

All properties need to be benchmarked and receive an Energy Star score.  The utility data provided is also used for all savings estimates.

The Seller/Servicer must provide:

Utility bills or Excel accounting for all Owner-paid utilities (electricity, water/sewer and other fuels)
Utility bills or Excel accounting for a sample of tenant data (if the borrower will be underwriting tenant savings for Fannie Mae)
Property Details

 

Contact Us

Keely Felton | Strategic Energy Group | E-mail | 207-939-4983